Artificial Intelligence, Jobs and the Future of Work: Racing with the Machines

Artificial intelligence is rapidly entering our daily lives in the form of driverless cars, automated online assistants and virtual reality experiences. In so doing, AI has already substituted human employment in areas that were previously thought to be uncomputerizable. Based on current trends, the technological displacement of labor is predicted to be significant in the future - if left unchecked this will lead to catastrophic societal unemployment levels. This paper presents a means to mitigate future technological unemployment through the introduction of a Basic Income scheme, accompanied by reforms in school curricula and retraining programs. Our proposal argues that such a scheme can be funded by a special tax on those industries that make use of robotic labour; it includes a practical roadmap that would see a government take this proposal from the conceptual phase and implement it nationwide in the span of one decade.